Declaration To Promote Usage Of Blockchain, Signed by 7 EU Countries

By Rishma Banerjee

According to th Financial Times (FT) reports of Dec. 4. seven countries, who are a part of the European Union, have recently signed a declaration which calls for assistance in promoting the use of Distributed Ledger Technology’s (DLT) use in the region.

The declaration was reportedly initiated by Malta, a country known for taking a very positive stance towards the use of blockchain technology and cryptocurrencies. It was then signed by six other member states of France, Italy, Cyprus, Portugal, Spain and Greece, in a meeting of EU transport ministers in Brussels on Tuesday.

The governments of the participating countries explained that DLT which is one type of which is blockchain could prove to be a “game changer” for southern EU economies.

The document cites “education, transport, mobility, shipping, Land Registry, customs, company registry, and healthcare” as services which can be benefitted by the use of this technology. The also said the this increased use of blockchain technology would not only promote and protect the privacy of the citizens, but also make bureaucratic procedures more efficient.

The report which says that this technology has potential to be used beyond digital government services also noted:

“This can result not only in the enhancement of e-government services but also increased transparency and reduced administrative burdens, better customs collection and better access to public information.”

In mid-November, Benoit Coeure, a member of the Executive Board of the European Central Bank, had however said that he considered Bitcoin to be the “evil spawn of the [2008] financial crisis.”

Also in November, as per reports, banking groups BBVA and Banco Santander had joined the EU International Association for Trusted Blockchain Applications (IATBA).

The association itself is set for a Q1 2019 launch and aims to develop blockchain infrastructure and standards.